What's the ideal retirement job for you?

Not everyone wants to let go of their working life when they reach retirement age. 

More than half of people due to retire this year are planning on working past state pension age.

Many people are planning to keep their careers going. Some are even aiming to start a new career, perhaps as budding entrepreneurs.

The results of our Class of 2016* study found that more than half of people due to retire this year (51%) are planning to work past their State Pension age, or are already doing so.
Of them...

34%

say that they don’t feel ready to retire

41%

enjoy working too much to give up

51%

prefer to carry on working to keep their mind and body active

So, what are your job options in retirement?

Stick with your current job

You may have hit State Pension age, but that doesn’t mean you have to automatically give up your current career. One in 10 people (11%) surveyed who plan to work past state pension age would stay full time in their current jobs.

You could also go part time. More than a quarter of people in the study (27%) who aim to work past state pension age said they would stay in their current job, but reduce their working hours. It’s a chance to gradually shift into retirement mode.

Sign up for voluntary or charitable work    

When working past state pension age, many people may be motivated by reasons other than money. It can be a chance to have a renewed purpose and stay active in your community. Or it could just be because you may miss the routine.

About a quarter of everyone we surveyed (26%) were planning on doing some voluntary or charity work. Find out about the wide range of things you can do for good causes

Start your own business    

Retirement can be a time to make your long-held dreams become a reality. That may include starting a new venture. We found that 7 per cent of people surveyed said they would like to set up their own business. You could:

  • Follow your passion and try earning money from your hobby. That’s what 13% of those who plan to work past their state pension age aim to do.
  • Use the skills from your previous career to make and sell a product or sell your services.
  • Learn a new skill to create a product or service.

Whether you set up your own venture, go part time or volunteer, the big benefit is being able to choose how you fit your new working life around the other exciting things on your retirement ‘life list’ that you’d like to do.

It’s also important to think about your future income. This could be from any pensions and savings, as well as your retirement job. Carefully consider your finances, and even talk to your pension provider, so you can fund your ideal lifestyle – in work and beyond.

*Research Plus conducted an independent online survey for Prudential between 25 November and 8 December 2015, among 9,318 non-retired UK adults aged 45+, including 1,000 planning to retire in 2016.

 

 

51%

 

 

would consider working past State Pension Age, according to our Class of 2015 research

 

 

 

 

 

30%

 

 

want to reduce hours with their current employer

 

 

 

 

 

10%

 

 

want part-time work with a new employer

 

 

 

So, what are your options for phasing your retirement? 

Going part-time

Going part time is a great way to carry on earning, whilst also giving you back some time for other pursuits. Nearly a third of those surveyed in the Class of 2015 study would like to reduce the hours they work with their current employer. 

Changing jobs

Changing jobs can be refreshing. It could also enable you to move into a part-time role so you have more time to yourself. Just over 10% of people surveyed would look for a part-time job with a new employer. Would you? 

Delaying retirement altogether

Some people are choosing to delay retirement altogether. Just over 10% of those surveyed said they would carry on full-time in their current job. Over half the people surveyed (51%) would consider working past State Pension Age to help improve their financial position. Would you like to stay in your current role for longer? 

There may be other benefits to continuing in some form of employment too. Over half (57%) of survey respondents would consider staying in work to stay mentally and physically fit. Over a third (39%) enjoy working, and 35% would miss the social side of interacting with colleagues if they weren’t working. 

The opportunities a phased retirement may bring can be exciting. It’s important to gather all of the information you need, including talking to your pension provider, to help ensure it’s the best option financially, as well as for your lifestyle.  

*Research Plus conducted an independent online survey for Prudential between 21 November and 4 December 2014 among 7,687 UK non-retired adults aged 45+, including 1,012 intending to retire in 2015 that feature in the above.

 

 

51%

 

 

would consider working past State Pension Age, according to our Class of 2015 research

 

 

 

 

 

30%

 

 

want to reduce hours with their current employer

 

 

 

 

 

10%

 

 

want part-time work with a new employer

 

 

 

So, what are your options for phasing your retirement? 

Going part-time

Going part time is a great way to carry on earning, whilst also giving you back some time for other pursuits. Nearly a third of those surveyed in the Class of 2015 study would like to reduce the hours they work with their current employer. 

Changing jobs

Changing jobs can be refreshing. It could also enable you to move into a part-time role so you have more time to yourself. Just over 10% of people surveyed would look for a part-time job with a new employer. Would you? 

Delaying retirement altogether

Some people are choosing to delay retirement altogether. Just over 10% of those surveyed said they would carry on full-time in their current job. Over half the people surveyed (51%) would consider working past State Pension Age to help improve their financial position. Would you like to stay in your current role for longer? 

There may be other benefits to continuing in some form of employment too. Over half (57%) of survey respondents would consider staying in work to stay mentally and physically fit. Over a third (39%) enjoy working, and 35% would miss the social side of interacting with colleagues if they weren’t working. 

The opportunities a phased retirement may bring can be exciting. It’s important to gather all of the information you need, including talking to your pension provider, to help ensure it’s the best option financially, as well as for your lifestyle.  

*Research Plus conducted an independent online survey for Prudential between 21 November and 4 December 2014 among 7,687 UK non-retired adults aged 45+, including 1,012 intending to retire in 2015 that feature in the above.

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